In May 2011, Juana decided to open her own business and purchased a beauty salon in downtown New Brunswick. Juana invested $20,000 of her savings to purchase the existing business and to buy new equipment. She continues to invest all of her time as well, working seven days a week and coming into the shop even on holidays.
This loan will allow Juana's salon to offer new services, such as pedicures. Juana will generate additional income and also be able to further differentiate her business from other beauty salons in New Brunswick.
More information about this loan
This loan is part of the Kiva City Newark initiative in partnership with the Intersect Fund. Kiva City Newark is a subset of Kiva City, a program that allows Kiva lenders to make microloans to small businesses in the United States with the help of community organizations and U.S. Field Partners.
About The Intersect FundThe Intersect Fund (IF) is a rapidly growing, nonprofit microlender and a certified Community Development Financial Institution that equips entrepreneurs in low-income areas of New Jersey with the skills and capital they need to build profitable businesses. Since inception, the organization has served more than 500 entrepreneurs. Kiva lenders’ funds are used to impact an even greater number of entrepreneurs in New Jersey and help them boost their incomes.
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Success!! The loan was 100% repaid